Emerging markets were down basically in line with US markets last week. The general emerging market index in the form of the EEM was down 0.70% and the Brazilian stock market as represented by EWZ was down 1.42%. What was interesting, at least to me, was the relative performance of the respective volatility indexes. VXEEM rose almost 8%, almost twice as much as the move from VIX even though the drop in EEM was less than the drop in the S&P 500 last week (1.48%). VXEWZ also outpaced VIX rising about 5.5% even though the underlying market was down in line with the S&P 500.